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Irish Res Prop REIT (IRSH)

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Wednesday 04 May, 2016

Irish Res Prop REIT

IRES - Trading Update

RNS Number : 2860X
Irish Residential Prop REIT PLC
04 May 2016
 

 

 

4 May 2016

 

Irish Residential Properties REIT plc - Trading Update

 

 

Irish Residential Properties REIT plc ("I•RES" or the "Company") today issues a trading update for the period from 1 January 2016 to 3 May 2016.

 

 

Highlights

 

·     Acquired an additional 473 apartments across 3 properties for 91.2 million (including VAT, but excluding other transaction costs).

·     Commenced construction of 68 apartments at Block B2B at Beacon South Quarter in Sandyford at an expected cost of approximately €22.7 million (including allocation to development land costs).

·     On 14 January 2016, the Company signed a new five year revolving and accordion credit facility of up to 250 million with a reduced margin, which can be extended to 350 million subject to certain terms and conditions.

·     Paid dividends of 3.15 cents per share for the year ended 31 December 2015 on 21 March 2016.

·     I•RES was admitted to the FTSE EPRA/NAREIT Global Real Estate Index Series, EMEA region effective 21 March 2016.

 

 

Trading

 

The Company together with its wholly-owned subsidiary, IRES Residential Properties Limited (collectively the "Group") has generated net income for the period from 1 January 2016 to 31 March 2016 of €4.1 million, compared to 2.0 million for the same period last year. It has maintained high residential occupancy levels at approximately 97% (as at the date of this trading update) and continues to generate rental growth across the portfolio on renewals and turnovers. Investment properties were not revalued for the reported period.

 



 

Balance sheet

 

Investment Properties portfolio values

This table shows the acquisitions from the period 1 January 2016 to 3 May 2016:

 


Property

Location

Date Acquired

Purchase Price(1)

(€'Millions)

Number of Apartments Owned

1

Tallaght Cross West

Tallaght

15 Jan 2016

83.0

442

2

Forum

Sandyford

17 Feb 2016

2.3

8

3

City Square

Gloucester Street

7 Apr 2016

5.9

23


Total

91.2

473

Note 1:                 Including VAT but excluding transaction costs on date of acquisition.

During 1 January 2016 to date, the Group acquired a further 473 apartments for a total acquisition cost of €91.2 million (including VAT but excluding other transaction costs), bringing its total number of apartments to 2,087 and the total invested to €519 million (including VAT but excluding other transaction costs).

 

 

Net debt

As at 31 March 2016, the Group had cash-on-hand of €7.2 million and 131.8 million of borrowings drawn down, with a loan to value ratio of 23.0%. As at 31 March 2016, the Company had an acquisition (including development) capacity in excess of 200 million based on a target gearing of 45%, of which 5.1 million has been used subsequent to that date to purchase City Square.

 

There is a significant pipeline of future acquisitions available through further sales by National Asset Management Agency and private off market transaction opportunities.

 

 

For further information please contact:

 

Irish Residential Properties REIT plc

David Ehrlich, CEO

+1 (416) 861-2467

 

 

About Irish Residential Properties REIT plc

 

Irish Residential Properties REIT plc is an Irish Real Estate Investment Trust ("REIT") listed on the Irish Stock Exchange. The Company is the first REIT established in Ireland primarily focused on the multi-unit residential rental sector. The Company will continue to seek to acquire, hold and manage investments primarily in multi-unit rental residential real estate in Ireland. I•RES currently owns 2,087 residential apartments.  Further information can be obtained from the Company's website at www.iresreit.ie.

 

 

The details of the analysts that cover I•RES can also be found on the Company's website at www.iresreit.ie.

Note on forward-looking information

 

This note applies if and to the extent that there are forward-looking statements in this Announcement.

This announcement contains forward-looking statements, which are subject to risks and uncertainties because they relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts.   Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the Company or the industry in which it operates, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.  The forward-looking statements referred to in this paragraph speak only as at the date of this Announcement.  The Company will not undertake any obligation to release publicly any revision or updates to these forward-looking statements to reflect future events, circumstances, unanticipated events, new information or otherwise except as required by law or by any appropriate regulatory authority.

 

 

This announcement has been issued through the Companies Announcement Service of

the Irish Stock Exchange.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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